Dangote Petroleum Refinery has recently reduced prices for diesel and aviation fuel in Nigeria. The new prices are set at N230 per litre for diesel and N255 per litre for aviation fuel. This comes after a previous reduction that brought prices down to N1,000 just two weeks prior.

The new pricing is aimed at bulk buyers, with diesel offered at N220 per litre for purchases of five million litres or more and N250 per litre for those buying at least one million litres. The company is committed to making fuel more accessible and affordable for large-scale consumers, with a strategic partnership with MRS Oil and Gas set to ensure that diesel is available at N1,050 per litre and aviation fuel at N255 per litre at all major airports where MRS operates.

Anthony Chiejina, Head of Communication at Dangote, stated that the company’s goal is to ensure that all Nigerians benefit from lower fuel prices. This marks the third significant reduction in diesel prices by Dangote in less than a month, with prices dropping from N1,700 to N1,200, then to N1,000, and now to N230. These price reductions are expected to have a positive impact on Nigeria’s economy, particularly in sectors reliant on heavy fuel consumption such as manufacturing, transportation, and agriculture.

Ajayi Kadiri, the Director-General of the Manufacturers Association of Nigeria, expressed optimism about the broader economic implications. He explained that the lower fuel costs are likely to lessen the operational burdens on businesses, potentially reactivating companies that were sidelined by high energy costs. This could contribute to easing Nigeria’s high inflation rate by reducing transportation and production costs, thereby making goods and services more affordable for the average consumer.

The reduction in aviation fuel prices is expected to have a positive effect on the aviation industry, potentially leading to lower airfares and increased accessibility to air travel for Nigerians. Dangote Petroleum Refinery’s initiative is seen as a pivotal move in a series of efforts to stabilize Nigeria’s economic environment by tackling one of the most critical elements—energy costs.

Source: Punch